Tinubu Justifies Fuel Price Hike as Essential for Nigeria's Development

During a meeting with Nigerians in China, President Bola Tinubu defended the recent increase in fuel prices, stating that it is a necessary step for Nigeria's economic growth. The price of petrol was raised by the Nigerian National Petroleum Company (NNPC) from N568 to between N855 and N897 per litre, amid ongoing fuel shortages and financial challenges faced by the company.

Tinubu emphasized that bold reforms are crucial for the nation to develop infrastructure comparable to that of countries like China. He remarked, "Can we develop good roads like you have here? You see electricity being constant in quantity and quality... What is the critical part to get us there if we cannot take hard decisions?" He acknowledged the hardships faced by citizens but insisted that such measures are vital for long-term progress and stability in the petroleum sector, which has been deregulated following the Petroleum Industry Act.